Airlines to lose US$5.2 billion in 2008 – Slowing Demand and High Oil to Blame
Source: International Air Transport Association

The International Air Transport Association (IATA) today announced a revised industry financial forecast that would see the global airline industry post losses of US$5.2 billion in 2008 based on an average crude oil price of US$113 per barrel (US$140 for jet fuel).

“The situation remains bleak. The toxic combination of high oil prices and falling demand continues to poison the industry’s profitability. We expect losses of US$5.2 billion this year,” said Giovanni Bisignani, IATA’s Director General and CEO.

+ Full Financial Forecast (PDF; 102 KB)

This entry was posted on Thursday, September 4th, 2008 at 9:47 pm and is filed under Air travel, Business and economics. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.